Prediction Markets vs Sportsbooks: Key Differences Explained
Prediction markets and sports betting both let you put money on how an event ends, but the mechanics behind them are very different. A sportsbook sets the odds and builds its profit margin, the vig, into every line. A prediction market is peer-to-peer: traders buy and sell contracts on an outcome, and the price comes from those traders, not from a bookmaker.
The choice is more relevant than ever. With the NFL and college football seasons in full swing, the World Series underway, and the Nov. 3 midterms drawing record prediction market volume, millions of people can now trade a contract on the same game they could bet at a sportsbook. Whether that counts as gambling depends on how the platform is built and, increasingly, which federal court covers your state.
This guide reflects prediction market and sports betting rules as of November 2026, and we update it as courts and regulators act.
Prediction Markets vs Sports Betting: Quick Answer
On a prediction market, you trade contracts with other users, and the price reflects the crowd's estimate of an outcome's probability. At a sportsbook, you bet against the house at fixed odds that include a built-in margin called the vig. The key difference is peer-to-peer pricing versus a bookmaker that sets the line and profits from it.
The table below shows the practical differences side by side: who takes the other side, how pricing works, how to read odds as a probability, when you can exit, what you can trade, and how each format is regulated and taxed. Neither is better for everyone. Prediction markets suit traders who want lower-margin pricing and wider event coverage, while sportsbooks suit bettors who want live betting, parlays, and promos in one polished app. Each difference is covered in detail below, including whether sports contracts on prediction markets count as gambling.
| Attribute | Prediction Markets | Sportsbooks |
|---|---|---|
| 🤝 Who you trade against | Other traders, peer-to-peer | The sportsbook itself |
| 💵 Pricing structure | Disclosed trading fee, no margin built into the price | Vig built into every line |
| 🎯 Odds vs. probability | Price reads directly as a probability | Odds imply a probability skewed by the vig |
| 🚪 Exit options | Sell your contract anytime the market is open | Locked in unless the book offers a cash-out |
| 🗂️ Product range | Sports, politics, economics, weather, pop culture | Game lines, player props, futures |
| 🏛️ Regulation | Federal oversight through the CFTC | State-by-state gaming licenses |
| 🔞 Minimum age | Usually 18+ | 21+ in nearly every state |
| 🧾 Tax treatment | No formal IRS guidance yet | Gambling income, with W-2G reporting |
How They Work: Peer-to-Peer vs Betting Against the House
The simplest way to see the difference is to ask who is on the other side of your position. On a prediction market, it is another trader. At a sportsbook, it is the book.
Prediction Markets: Trading Contracts With Other People
A prediction market sells event contracts, not bets. Each contract stands for one outcome and trades on an order book much like a stock, rising toward $1 as that outcome becomes more likely and falling toward $0 as it fades. When the event settles, winning contracts pay $1 and the rest expire worthless. Because prices come from traders buying and selling, the market sets its own odds in real time. For a full primer, see our complete prediction markets guide.
Sportsbooks: Betting Against the House
A sportsbook sets the odds on every game and prop, and each wager you place is against the house. The book pays winners out of its own pocket and prices every market so it profits over time no matter who wins. Lines shift as the book manages its risk, reacting to injuries, sharp bettors, and public money, but you never trade directly with anyone on the other side. That house-controlled pricing is what makes the vig possible.
Pricing: No-Vig Contracts vs the Vig
Pricing is where the two formats differ most, and it is the main reason bettors compare them. Sportsbooks build a margin, known as the vig or juice, into every line. Prediction markets do not pad the price itself. Instead, most charge a separate, disclosed trading fee on top of a price set by the market.
Here is how that looks on an even matchup. At a standard -110 line, you risk $110 to win $100, which implies a 52.4% chance of winning. Price both sides at -110 and the implied probabilities add up to about 104.8%, a hold of roughly 4.5% that goes to the book. On a prediction market, the same game might trade at 50 cents per side. Kalshi's taker fee at that price is about 1.75 cents per contract, so you would pay roughly $103.50 to win $100. Both platforms' fees shrink toward the extremes of the price range, and limit orders that add liquidity often pay little or nothing.
That makes prediction markets cheaper on most even matchups, but not free. Thin markets can carry a wide gap between the buy and sell price, and that spread is a cost of its own. Use the converter below to compare any sportsbook line with a contract price on the same outcome.
| Comparison | Sportsbook | Prediction Market |
|---|---|---|
| 🎯 Implied probability | ||
| 🔁 Equivalent American odds (after fees) | ||
| 💸 Built-in margin | ||
| 📈 Profit on $100 if you win | ||
| ⚖️ No-vig fair probability |
Estimates only. Prediction market fees vary by market and order type, and you may also pay the gap between the bid and ask price. Always check the final cost on the order ticket or bet slip.
How to Read the Price as a Probability (60¢ = 60%)
Prediction market prices are designed to read as probabilities. A contract at 60 cents means the market sees about a 60% chance of that outcome, and a 25-cent contract implies about 25%. Prices update in real time as traders react to news. Sportsbook odds take an extra step, since you have to convert -150 or +130 into an implied probability, and remove the vig, before you can compare them with anything.
DraftKings and FanDuel: When Your Sportsbook Also Runs a Prediction Market
The line between the two formats blurred once the biggest sportsbook brands opened prediction markets of their own. DraftKings Predictions and FanDuel Predicts, built with CME Group, both launched in December 2025. Each operates under CFTC oversight instead of state gaming licenses, which is why they are available in many states where DraftKings Sportsbook and FanDuel Sportsbook cannot operate.
A shared brand does not make the products the same. DraftKings runs Predictions in a separate app with its own wallet and does not offer it in states where its sportsbook is licensed, so most customers can use only one of the two. FanDuel Predicts is available in all 50 states, but its sports contracts are limited to 18 states, with economics, pop culture, and other non-sports markets offered everywhere else.
What's the Difference Between Trades and Bets on DraftKings?
DraftKings uses both terms, and they describe very different transactions:
- Bets (DraftKings Sportsbook): You wager against DraftKings at odds it sets, with the vig built into every line. The bet settles when the event ends unless you take a cash-out offer first.
- Trades (DraftKings Predictions): You buy Yes or No contracts from other users at prices from $0.01 to $0.99, and DraftKings charges a per-contract fee instead of a vig. Winning contracts settle at $1, and you can sell at the current price before the event ends.
The rules differ just as much. Sportsbook bets fall under each state's gaming regulator, while trades run through DKeX, DraftKings' CFTC-regulated exchange. That is why age limits do not match: DraftKings Predictions accepts users 18 and older in most markets, while online sportsbooks require bettors to be 21 or older in nearly every state. Learn more in our DraftKings Predictions review and FanDuel Predicts review.
Are Prediction Markets Gambling?
Whether prediction markets are gambling depends on who you ask, how you define gambling, and more and more, which federal appeals court covers your state. The two largest platforms, Polymarket and Kalshi, were built as financial products. Each runs a CFTC-supervised designated contract market, a status Polymarket's US exchange gained in late 2025, which treats their contracts like futures and other derivatives rather than wagers. Neither holds a state gaming license, and neither calls what it sells a bet.
Supporters call them information markets. A contract's price pools the judgment of everyone trading it, much as a stock price reflects what investors expect, rather than one bookmaker's opinion. Critics say that label sounds more like marketing once the contract is tied to a football game.
The financial-product case is strongest for elections, inflation reports, or earnings, which no one would mistake for a sportsbook menu. Sports are harder. A contract on whether the Kansas City Chiefs win on Sunday and a moneyline bet on the same game leave you in nearly the same spot: you are right or wrong, and money moves accordingly.
Courts are now divided on whether that resemblance matters. The Third Circuit sided with Kalshi in April 2026, finding federal law likely preempts state gaming rules for CFTC-registered markets. The Ninth Circuit ruled the opposite way on Aug. 28, 2026, holding that sports event contracts are not swaps under federal commodities law, and the Sixth Circuit ruled against Kalshi in September in cases involving Ohio and Tennessee. New Jersey has asked the US Supreme Court to settle the question.
So where does that leave you? On paper, prediction markets are built and regulated as financial instruments. In practice, a sports contract can feel almost identical to a bet, and depending on where you live, a court or regulator may treat it like one. The real answer depends on the platform, the contract, and your state.
Legality: Federal Oversight vs State Gaming Licenses
Prediction markets and sportsbooks answer to different regulators, which is how prediction markets reach states where sports betting is still illegal. Polymarket US and Kalshi operate as designated contract markets registered with the Commodity Futures Trading Commission (CFTC), and that federal status lets them offer contracts nationwide without a state license. Sportsbooks need a gaming license in every state where they take bets, so a book licensed in New Jersey still cannot accept a wager from someone in Texas, which has no legal sports betting.
The Legal Fight Over Sports Contracts
That federal-state divide has made sports event contracts the most contested part of the industry. States argue that trading on a game's outcome is the same as a sports bet and should fall under state gambling law. These are the key developments:
- A circuit split: The Third Circuit sided with Kalshi in April 2026, while the Ninth Circuit (Aug. 28) and the Sixth Circuit (September) ruled that states can regulate sports event contracts as gambling.
- A Supreme Court petition: New Jersey asked the US Supreme Court on Sept. 2, 2026, to resolve the split. Attorneys general from 39 states and Washington, D.C., the NFL, and the American Gaming Association filed briefs supporting review, and Kalshi's response is due Nov. 9. The court has not yet decided whether to take the case.
- A state closing its doors: Nevada is effectively off-limits for sports event contracts after the Ninth Circuit decision.
- Federal rulemaking: The CFTC proposed changes in June 2026 to how it defines gaming for event contracts, drawing a joint challenge from 44 states. On Oct. 9, 2026, it went further, proposing to classify sports, political, cultural, and weather event contracts as swaps under its authority while issuing an interim rule that leaves sportsbook bets and casino games to the states.
Until the Supreme Court or Congress acts, your access to sports contracts depends on the platform and your state, and that can change quickly. It is a far messier picture than sports betting's simple legal-or-not map. Follow the latest rulings on our prediction market news page.
Taxes on Winnings: Sportsbooks vs Prediction Markets
Taxes work differently, too. Sportsbook winnings are gambling income, and books issue a W-2G on larger wins. Beginning with the 2026 tax year, gambling losses are only 90% deductible, and only if you itemize. The FAIR BET Act, which would restore the full deduction, cleared the House Ways and Means Committee in September 2026 but still needs votes in the full House and Senate.
Prediction markets are murkier. The IRS has not issued formal guidance on event contracts, so tax professionals treat gains as capital gains, gambling income, or other categories depending on the situation, and platforms like Kalshi and Robinhood do not issue a full 1099 covering every event contract trade. Much of the recordkeeping falls on you. This is not tax advice, so if you bet or trade meaningful amounts in either format, ask a tax professional how to report it.
Product Range: What You Can Trade
Sportsbooks center everything on live games: spreads, moneylines, totals, and an expanding list of player and game props tied to events you can watch. That keeps the product simple, but your options stop where the sports calendar does.
Prediction markets cover far more ground. You can trade sports contracts on the same games a sportsbook offers, then switch to political contracts on elections, bills, and policy, economic data like inflation reports and Fed decisions, weather outcomes like daily city temperatures and hurricane seasons, and pop culture questions like award winners and entertainment news. If an outcome can be verified and enough people want to trade it, a prediction market can usually list a contract on it, far beyond what a sportsbook license allows.
Daily fantasy sports (DFS) is a third format worth knowing. DFS apps like PrizePicks and Underdog have you pick player-prop outcomes for a fixed payout set in advance, with no market price and no option to sell early. Several of those apps, including PrizePicks, Underdog with Underdog Predict, and DraftKings, now offer a prediction market product alongside DFS, which is where the lines blur. If you are weighing a DFS app's prediction tab against a dedicated exchange, our prediction markets vs DFS guide explains the structural differences.
| Market Category | Prediction Markets | Sportsbooks |
|---|---|---|
| 🏈 Sports (games and props) | Game outcomes, MVP races, win totals | Game lines, player props, futures |
| 🗳️ Politics and elections | Senate, House, and governor races, primaries | Not offered by regulated books |
| 🏦 Economics and Fed decisions | Fed rate decisions, inflation prints, jobs data | Not offered by regulated books |
| 🎬 Entertainment and pop culture | Award-show winners, box office results | Not offered by regulated books |
| 🌪️ Weather and climate | Hurricane paths, temperature records, snowfall totals | Not offered by regulated books |
| ₿ Crypto and finance benchmarks | Bitcoin price levels, rate-cut odds | Not offered by regulated books |
Which Is Better for You?
There is no single right answer. The better fit depends on what matters most to you.
Prediction markets suit traders who want lower-margin pricing, the ability to buy and sell as prices move, and access to politics, economics, and entertainment markets alongside sports on one platform. If you are comfortable doing your own research and thinking in probabilities instead of odds, start with our prediction market strategies guide, and use our prediction market tools breakdown for the calculators and trackers that speed up that research.
Sportsbooks suit bettors who want live in-game wagering across a full slate, plus the promos, parlay builders, and polished apps that established books offer. That experience counts. These books have handled millions of wagers, refined their apps for years, and built support and dispute processes that newer prediction market platforms are still developing. If that sounds like you, start with our list of the best sports betting apps.
Plenty of people use both, turning to prediction markets for pricing and breadth and to sportsbooks for live action and familiarity.
Ready to Trade? See Our Top Prediction Markets
Compare GamingToday's top-rated prediction market platforms and find the right fit before your first trade.
Get $100 in Predicts Bonus When You Trade $1 for 5 Days
Make Predictions on Real World Events Right in Your Phone
Trade on Sports to Culture, Financials, Crypto and More
Get $100 in Predicts Bonus When You Trade $1 for 5 Days
Make Predictions on Real World Events Right in Your Phone
Trade on Sports to Culture, Financials, Crypto and More
Trade on Sports, Politics, and MORE
Largest Prediction Market in the US
Hundreds of Markets to Choose From
Trade on Sports, Politics, and MORE
Largest Prediction Market in the US
Hundreds of Markets to Choose From
Huge Range of CFTC-Approved Markets (Sports, Tech, and More)
Compete with Others & Climb the Leaderboards
No User Limiting on Trades
Huge Range of CFTC-Approved Markets (Sports, Tech, and More)
Compete with Others & Climb the Leaderboards
No User Limiting on Trades
Deposit $10, Get a $25 Trading Bonus
Live Trade with the Biggest Payouts at the Largest Prediction Market in the World
Deposit $10, Get a $25 Trading Bonus
Live Trade with the Biggest Payouts at the Largest Prediction Market in the World
America's #1 Sports Prediction Market
Same Sports Moments, Bigger Payouts
Choose from Straights, Player Props, Parlays & More
America's #1 Sports Prediction Market
Same Sports Moments, Bigger Payouts
Choose from Straights, Player Props, Parlays & More
PLUS Get up to $1,000 in $NVDA Based on Net Deposit Amount
Earn up to 8.1% APY on uninvested cash balances
Trade CFTC-regulated event contracts, stocks & options
PLUS Get up to $1,000 in $NVDA Based on Net Deposit Amount
Earn up to 8.1% APY on uninvested cash balances
Trade CFTC-regulated event contracts, stocks & options
Get $200 in Bonuses Paid Over 21 Days
Plus 3 Months of NBA League Pass on DraftKings
Browse Markets like Sports, Crypto, Tech & More
Get $200 in Bonuses Paid Over 21 Days
Plus 3 Months of NBA League Pass on DraftKings
Browse Markets like Sports, Crypto, Tech & More
Complete a Task in the Crypto.com App to Unlock up to 1 Bitcoin Worth of CRO Rewards
America’s All-In-One Trading Platform
Manage Your Crypto, Stocks, Predictions & Card Spend Seamlessly
Complete a Task in the Crypto.com App to Unlock up to 1 Bitcoin Worth of CRO Rewards
America’s All-In-One Trading Platform
Manage Your Crypto, Stocks, Predictions & Card Spend Seamlessly
Ready to Bet? See Our Top Sportsbooks
Compare GamingToday's top-rated sportsbooks to find the best welcome offer and betting experience for you.
Up to $1,000 Back in Bonus Bets Over First 10 Days*
*Bonus Bets Expire in 7 Days. One New Customer Offer Only. Add’l terms. 21+. Gambling Problem? Call 1-800-GAMBLER or 1-800-MY-RESET
Up to $1,000 Back in Bonus Bets Over First 10 Days*
*Bonus Bets Expire in 7 Days. One New Customer Offer Only. Add’l terms. 21+. Gambling Problem? Call 1-800-GAMBLER or 1-800-MY-RESET
Get $200 in Bonus Bets When You Wager $5 for 4 Days ($50 Bonus Bets Per Day)
Available on Desktop, Android & iOS
Easy Deposits, Fast Withdrawals
Get $200 in Bonus Bets When You Wager $5 for 4 Days ($50 Bonus Bets Per Day)
Available on Desktop, Android & iOS
Easy Deposits, Fast Withdrawals
Get a 100% Bet Match up to $100 in FanCash for 10 Days
Earn FanCash & Spend it on Team Swag or More Bets
Daily Odds & Profit Boosts on Select Games
Get a 100% Bet Match up to $100 in FanCash for 10 Days
Earn FanCash & Spend it on Team Swag or More Bets
Daily Odds & Profit Boosts on Select Games
Spend $5+ Get $200 in Bonus Bets (Paid Over 21 Days) + 3 Months NBA League Pass on Us!
Plus Get up to $1,000 Deposit Bonus
Bet on All Your Favorite Sports With America's Top-Rated Sportsbook
Spend $5+ Get $200 in Bonus Bets (Paid Over 21 Days) + 3 Months NBA League Pass on Us!
Plus Get up to $1,000 Deposit Bonus
Bet on All Your Favorite Sports With America's Top-Rated Sportsbook
Bet $10 Get $200 in Bonus Bets Win or Lose
30% Extra on Same Game Parlay Profit
Bet $10 Get $200 in Bonus Bets Win or Lose
30% Extra on Same Game Parlay Profit
Polymarket vs DraftKings and FanDuel: A Quick Comparison
Polymarket and sportsbooks like DraftKings and FanDuel all let you take a position on a game, but that is where the overlap mostly ends. DraftKings and FanDuel are state-licensed sportsbooks with book-set odds, built-in vig, and availability limited to states where they hold licenses. Polymarket is a peer-to-peer prediction market with a CFTC-regulated US exchange, market-set prices, and no state-by-state licensing requirement, though its sports contracts face the same legal challenges described above.
For sports, DraftKings and FanDuel offer deeper same-game parlay tools, live in-play menus, and established promo programs that Polymarket does not match. Polymarket wins on pricing and breadth, with politics, economics, and culture markets neither sportsbook can offer.
| Attribute | Polymarket | DraftKings Sportsbook | FanDuel Sportsbook |
|---|---|---|---|
| 🤝 Who you trade against | Other traders, peer-to-peer | The sportsbook | The sportsbook |
| 💵 Pricing structure | Disclosed trading fee, no vig | Vig built into every line | Vig built into every line |
| 🎯 Odds vs. probability | Price reads as a probability | Odds skewed by the vig | Odds skewed by the vig |
| 🚪 Exit options | Sell your contract anytime | Cash-out when offered | Cash-out when offered |
| 🧩 Parlays and live betting | Limited | Full same-game parlays and live menu | Full same-game parlays and live menu |
| 🗂️ Product range | Sports, politics, economics, culture | Game lines, props, futures | Game lines, props, futures |
| 🏛️ Regulation | CFTC-regulated US exchange | State gaming licenses | State gaming licenses |
| 🧾 Tax treatment | No formal IRS guidance yet | Gambling income, W-2G reporting | Gambling income, W-2G reporting |
Final Verdict: Prediction Markets or Sportsbooks?
Neither format wins outright because each is built for a different purpose. Prediction markets lead on pricing and range, sportsbooks lead on convenience and experience, and many bettors use both.
- 💰 Lower Margins Favor Prediction Markets | A standard -110 line carries about a 4.5% hold, while Kalshi's fee on a 50-cent contract works out to roughly 3.5% of the price and less on longshots and favorites, a clear structural edge on cost.
- 🎯 Sportsbooks Still Win on Convenience | Live in-game betting, same-game parlays, and years of polished apps and promos give DraftKings and FanDuel a maturity newer prediction market platforms are still building.
- 🌐 Prediction Markets Cover More Ground | Elections, Fed decisions, weather, and pop culture are all tradable, and none of them are available at a state-licensed sportsbook.
- ⚖️ Federal vs State Regulation Drives the Fight | Prediction markets answer to the CFTC and can operate nationwide, while sportsbooks need a license in each state, which is why sports event contracts are now headed toward a possible Supreme Court review.
- 🧾 The Gambling Question Is Still Open | Prediction markets are regulated as financial products, but sports contracts feel close enough to bets that three federal appeals courts have already disagreed on where the line falls.
If you want lower-margin pricing and markets beyond sports, prediction markets like Polymarket and Kalshi are the better fit. If live betting, deep promos, and a proven mobile app matter more, a sportsbook like DraftKings or FanDuel is still the more polished product. You do not have to choose just one, and many experienced bettors use each for what it does best.
How We Rate and Review Prediction Markets and Sportsbooks
This comparison, and every operator it links to, goes through the same review whichever format it falls under. We verify the regulatory setup, price real examples instead of trusting marketing, and hold prediction markets and sportsbooks to one standard even though they follow different rules.
- Pricing and Fee Transparency | We calculate the true cost of a bet or trade, from the vig on a sportsbook line to the fee on a prediction market contract, instead of accepting claims like "no-vig" or "fair odds" at face value.
- Regulatory Verification | We confirm each sportsbook's state license or each prediction market's CFTC registration directly, since the two oversight systems are not interchangeable.
- Product Range Accuracy | We check which markets or bet types a platform offers today, not what it has announced, because the two formats differ enormously in breadth.
- Tax and Legal Clarity | We research how winnings are treated and reported in each format and say so plainly when guidance is unsettled, as it is for sports event contracts.
- Live and In-Play Experience | We test how each format handles a position after an event starts, since a sportsbook's live menu and a prediction market's constantly moving price serve that need differently.
- Responsible Play Resources | We confirm that deposit limits, cooling-off periods, and self-exclusion tools are available and easy to find on both prediction markets and sportsbooks.
A lower price or a bigger market menu only tells part of the story. Our recommendations depend on whether the regulation, real pricing, and player protections hold up on both sides. Read our guide on how we rate and review online gambling sites for the full methodology.
Trade and Bet Responsibly
Whether you trade prediction market contracts or bet at a sportsbook, only risk money you can afford to lose. Both carry real financial risk, and no strategy, platform, or pricing edge guarantees a profit.
Licensed sportsbooks and prediction market platforms offer deposit limits, wagering limits, cooling-off periods, and self-exclusion. Use them if you find yourself chasing losses, trading beyond your comfort level, or spending more time or money than planned. Online sportsbooks require you to be 21 or older in nearly every state, while most prediction markets accept users 18 and older, though some states set a higher minimum. Visit our responsible gaming guide for more tools and resources.
If gambling or trading stops feeling fun or starts to feel out of control, free and confidential help is available 24/7 at 1-800-GAMBLER.
FAQs
It depends on the platform and the contract. Prediction markets are built and regulated as financial products, and that case is strongest for elections and economic data. Sports contracts feel close enough to bets that federal appeals courts have split on the question, so the answer can depend on where you live.
On a prediction market, you trade contracts with other users at prices set by supply and demand. With sports betting, you wager against a sportsbook at fixed odds that include a margin called the vig. That difference affects pricing, regulation, product range, and even how winnings are taxed.
Often, yes. A standard -110 sportsbook line carries about a 4.5% hold, while Kalshi’s taker fee on a 50-cent contract is about 1.75 cents, roughly 3.5% of the price, and lower on favorites and longshots. Thin markets can carry wide bid-ask spreads, though, so compare the full cost before you trade.
In many cases, yes. CFTC-regulated platforms can offer contracts nationwide without state gaming licenses. Sports contracts specifically face legal challenges in many states, and Nevada is effectively off-limits after a Ninth Circuit ruling, so sports availability varies by platform and state.
The vig is built into a sportsbook’s odds, so both sides of a matchup add up to more than 100% implied probability and you never see a separate charge. A prediction market fee is disclosed and added on top of a price that already reflects the market’s probability. For definitions of terms like implied probability and vig, see our full glossary of prediction market terms.
Possibly. Sportsbook winnings are gambling income, and larger wins come with a W-2G. The IRS has not issued formal guidance on event contracts, so treatment can vary. This is not tax advice, so check with a tax professional about your specific activity.
Somewhat. Prediction market prices update continuously, so you can buy, sell, or add to a position during a game. That is different from a sportsbook’s dedicated live-betting menu, which offers constantly refreshed lines and bet types built specifically for in-game action.
Structurally, no. Polymarket’s US exchange is a CFTC-regulated designated contract market, not a state-licensed sportsbook. When a contract is tied to a sports result, though, the experience can feel much like a bet, which is why courts and state regulators are still debating where the line falls.
